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Commodity risk management and finance (Inglês)

The collection of papers brought together in this volume was written to advance knowledge about the demand, pricing, and use of commodity-linked finance. During the 1980s it became obvious that developing countries faced great difficulties in raising external finance and in servicing their external debts, due in large part to the sharp fluctuations in the prices received for their primary commodity exports. Their terms of trade are also very susceptible to import price shocks, especially from the most important primary commodity import for most of them - petroleum. In turn, the terms-of-trade shocks from primary commodity price fluctuations are a major problem for the management of firms and, for the macroeconomic management of the developing countries themselves. As the chapters in this volume show, there are now commodity price related financial instruments that can be used to manage the volatility in export earnings and import payments and to shift the risks from the developing countries to those more capable of bearing them in world markets. As a result, revenue and expenditure streams can be made more stable, debt servicing can be made more reliable, creditworthiness can be improved, and macroeconomic management can be made less onerous.

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